NEW YORK (TheStreet) -- Shares of Digital Ally Inc. (DGLY) are rising higher by 21.62% to $19.07 at the start of trading on Friday, as the stock continues to gain following Thursday's announcement the company has received an order from the State of Michigan valued at more than $1.1 million.
The company develops, manufactures, and markets advanced video surveillance products for law enforcement.
Digital Ally's contract with Michigan State has a total value of $6.5 million, which includes the original contract and two extensions.
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Digital Ally's stock began to soar following the Ferguson, MO. police shooting, in which an unarmed teenager was killed, as the incident sparked national interest in requiring police offers to wear body cameras.
Separately, TheStreet Ratings team rates DIGITAL ALLY INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate DIGITAL ALLY INC (DGLY) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."